Seminar on Mistery of Money Institute of Political Studies of the Catholic University of Portugal in Lisbon February 8 and 9, 2016 (tbc) December 2, 2015. Instructor: Dr. Leonidas Zelmanovitz, Liberty Fund Fellow Learning Objectives: Money: what is it, how do we know it when we see it, and what kinds of purposes does, can, or should money serve? This seminar takes us on a metaphysical and epistemological exploration of the foundations of money. We then look at the variety of perspectives on the ethics of money and the various monetary policy prescriptions. The treatment of money in this seminar is less from an economic perspective than a broadly philosophical one, allowing interested students without a background in economics to acquaint themselves with fundamentals of money. At the same time, the seminar is designed to offer a more comprehensive understanding about monetary phenomena to students of economics, banking and finance. Readings and methodology: Taking into account how ambitious is the syllabus of this seminar, it is reasonable to assume it would be difficult to interest the students on all the topics proposed. A better idea is to assign classical readings, about a chapter or an article, for each session and to use a pedagogical methodology that would induce the students to engage with the material.
The way to do that would be to ask the students to come to each of the sessions with a passage of the readings assigned to that session that they thought relevant, either because the passage brings an important issue, or because the student is not sure of its meaning. Based on the presentation of those passages selected by each of the students, the instructor will lead a Socratic discussion and do some exercises. Aside of the discussions, at each session, the students will be randomly asked to make an exegesis of the text, and to apply it to current events, and to evaluate the truth of the claims made by the author. With that, they will focus the discussion on the topics that they are interested the most about each of the readings; and, because of the exercise at the end of each session, in which they may be required to analyze, apply and evaluate the readings, it would be expected that each one of the students will give some thought to the readings even before coming to the seminar. The instructor have done a selection of seminal readings on money, going from Aristotle and Adam Smith, to Friedman, passing by Menger, Simmel, Mises, Hayek, Keynes, and others. Readings total slightly less than 200 pages to be assigned to the students for the entire seminar. Table of Contents: Session I: Introduction to the Philosophy of Money The need for going beyond economics and becoming philosophical about money Institutions and Progress The Purpose of Good Money and Some Hindrances to Having It Session II: Setting the Premises Money and the Division of Labor The Problem of Social Coordination The use of knowledge in Society
Session III: The Hybrid Nature of Modern Money The Origin and Essence of Money The Catallactic Claim The Functions of Money Arguments for Conceiving Money as a Charter Is Money a Creation of the State? Geoffrey Ingham and the Hybrid nature of modern money Private Credit Money The "secret" weapon of the sovereign state: - its monetary prerogatives Keynesian and Post-Keynesian Theory Session VI: Simmel, and Mises on Money Value An Identifiable Trend towards Abstraction The Subjectivity of Money Value for Mises The Sense in which Money has an Objective Value for Mises Abstract Value of Money in Mises Evaluations are Subjective but not Capricious for Simmel The Inter-subjectivity of Money Value Money Evolves
The Mystery of Money February 8 to 12, 2016 (tbc) Lisbon, Portugal Institute of Political Studies of the Catholic University of Portugal in Lisbon
The Mystery of Money February 8-12, 2016 (tbc) Institute of Political Studies of the Catholic University of Portugal in Lisbon READING LIST SESSION I: Introduction to the Philosophy of Money Smithin, John. Requirements of a Philosophy of Money and Finance, chapter 1, in Financial Crises and the Nature of Capitalist Money Mutual Developments from the Work of Geoffrey Ingham, pages 19-30, edited by Pixley Jocelyn and G. C. Harcourt. Hampshire, UK: Palgrave MacMillan, 2013. Aristotle. The Nicomachean Ethics, Book V, Chapters 2-7 pages 1783-1791, in The Complete Works of Aristotle The Revised Oxford Translation, volume II, edited by Jonathan Barnes, Princeton, NJ: Princeton University Press, 1984.. The Politics, Book I, chapters 8-11, pages 1992-1998, in The Complete Works of Aristotle The Revised Oxford Translation, volume II, edited by Jonathan Barnes, Princeton, NJ: Princeton University Press, 1984.. The Economics, Book II, Chapters 1 and 2 (excerpt), pages 2134-2136, in The Complete Works of Aristotle The Revised Oxford Translation, volume II, edited by Jonathan Barnes, Princeton, NJ: Princeton University Press, 1984. SESSION II: Setting the premises Smith, Adam. An Inquiry into the Nature and Causes of the Wealth of Nations, Volume I, Book I, Chapter II Of the Principle which gives occasion to the Division of Labour, and Chapter IV Of the Origin and Use of Money, pages 25-30, and 37-46. Indianapolis, IN: Liberty Fund, Inc., 1981. Hayek, Friedrich A. The Use of Knowledge in Society. American Economic Review XXXV, no. 4 (September 1945): 519 30. Available on-line at The Library of Economics and Liberty, accessed February 22, 2015: http://www.econlib.org/library/essays/hykknw1.html
SESSION III: The Hybrid nature of modern money Ingham, Geoffrey. The Nature of Money., Chapter 1 on Money as a Commodity, and Chapter 4 on Fundamentals of a Theory of Money, pages 15-37, and 69-85. Cambridge, U.K.: Polity Press, 2004. Keynes, John Maynard. A Treatise on Money, Volume I, The Pure Theory of Money, Chapter I on The Classification of Money, and Chapter II on Bank-Money, pages 3-33.New York: Harcourt, 1976. SESSION IV: Simmel, and Mises on Money Value Simmel, Georg. The Metropolis and the Mental Life. In On Individuality and Social Forms, (excerpt) pages 324-327. Edited by Donald N. Levine. Chicago: The University of Chicago Press, 1971..The Philosophy of Money, Chapter I on Value and Money, (excerpts) pages 59-65, 81, 119-122, and 128-130. Third enlarged edition. Edited by David Frisby, translated by Tom Bottomore and David Frisby. London, UK: Routledge, 2001. Mises, Ludwig Von. The Theory of Money and Credit, Chapters 1 on The Function of Money, 2 On the Measurement of Value, 3 on The Various Kinds of Money, 4 on Money and the State, 5 on Money as an Economic Good, 6 on The Enemies of Money, and 7 on The Concept of the Value of Money, pages 41-49, 51-107, 109-113, and 117-128. Indianapolis, IN: Liberty Fund, Inc., 1980.
Session I Introduction to the Philosophy of Money Smithin, John. Requirements of a Philosophy of Money and Finance, chapter 1, in Financial Crises and the Nature of Capitalist Money Mutual Developments from the Work of Geoffrey Ingham, pages 19-30, edited by Pixley Jocelyn and G. C. Harcourt. Hampshire, UK: Palgrave MacMillan, 2013. Aristotle. The Nicomachean Ethics, Book V, Chapters 2-7 pages 1783-1791, in The Complete Works of Aristotle The Revised Oxford Translation, volume II, edited by Jonathan Barnes, Princeton, NJ: Princeton University Press, 1984.. The Politics, Book I, chapters 8-11, pages 1992-1998, in The Complete Works of Aristotle The Revised Oxford Translation, volume II, edited by Jonathan Barnes, Princeton, NJ: Princeton University Press, 1984.. The Economics, Book II, Chapters 1 and 2 (excerpt), pages 2134-2136, in The Complete Works of Aristotle The Revised Oxford Translation, volume II, edited by Jonathan Barnes, Princeton, NJ: Princeton University Press, 1984.
Session II: Setting the premises Smith, Adam. An Inquiry into the Nature and Causes of the Wealth of Nations, Volume I, Book I, Chapter II Of the Principle which gives occasion to the Division of Labour, and Chapter IV Of the Origin and Use of Money, pages 25-30, and 37-46. Indianapolis, IN: Liberty Fund, Inc., 1981. Hayek, Friedrich A. The Use of Knowledge in Society. American Economic Review XXXV, no. 4 (September 1945): 519 30. Available on-line at The Library of Economics and Liberty, accessed February 22, 2015: http://www.econlib.org/library/essays/hykknw1.html
Session III The Hybrid nature of modern money Ingham, Geoffrey. The Nature of Money., Chapter 1 on Money as a Commodity, and Chapter 4 on Fundamentals of a Theory of Money, pages 15-37, and 69-85. Cambridge, U.K.: Polity Press, 2004. Keynes, John Maynard. A Treatise on Money, Volume I, The Pure Theory of Money, Chapter I on The Classification of Money, and Chapter II on Bank-Money, pages 3-33.New York: Harcourt, 1976.
Session IV Simmel, and Mises on Money Value Simmel, Georg. The Metropolis and the Mental Life. In On Individuality and Social Forms, (excerpt) pages 324-327. Edited by Donald N. Levine. Chicago: The University of Chicago Press, 1971..The Philosophy of Money, Chapter I on Value and Money, (excerpts) pages 59-65, 81, 119-122, and 128-130. Third enlarged edition. Edited by David Frisby, translated by Tom Bottomore and David Frisby. London, UK: Routledge, 2001. Mises, Ludwig Von. The Theory of Money and Credit, Chapters 1 on The Function of Money, 2 On the Measurement of Value, 3 on The Various Kinds of Money, 4 on Money and the State, 5 on Money as an Economic Good, 6 on The Enemies of Money, and 7 on The Concept of the Value of Money, pages 41-49, 51-107, 109-113, and 117-128. Indianapolis, IN: Liberty Fund, Inc., 1980.